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Direct MessagesDate/Time: Sun, 28 Apr 2024 21:36:04 +0000
[User Discussion] - Need Help-Exit Position With Limit Order and Cancel All Other Orders If Filled(In 1 Step)?
View Count: 976
| [2021-08-21 22:00:11] |
| absorrel4 - Posts: 92 |
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I am using SC Trade Window when I enter the market which also has a target/stop order enabled within the "Targets" section for the Trade Window. Once filled I automatically get a Target Order and a Stop Order established and they are OCO orders. Works fine. However, if I want to exit the position before the target or stop is hit, I have been using the Flatten/Cancel All order (I have this order as a button on my Control Bar). This also works fine....but I get too much slippage via the exiting Market Order. What I want to do is have an order created that acts similar to the Flatten/Cancel all....but uses a Limit Order to exit instead of the Market Order that is associated with the Flatten/Cancel All order. For example, if I am in a Long position at a price of 10 with a target price of 15 and a stop price of 5...and the price is only at 12 and I want to exit the position and cancel the outstanding target/stop orders in ONE CLICK OF THE MOUSE (one action), I must currently use the Flatten/Cancel All order which is a market order. But, if I want to exit with a Limit Order (at a price of 12 in my example) and still have the outstanding target/stop orders automatically cancelled if I am filled with my Limit Order, how do I do that in ONE ACTION? I have tried to simply enter a Sell Limit Order via the chart (or DOM) to exit the position (which does get me flat if/when filled), but that does not cancel the outstanding target/stop orders....and I get a new set of target/stop orders for the filled short position (which does not exist since I am now flat and I no longer have any open position at all). I suppose I can use a different chart in the chartbook where the Trade Window for that chart does not have a target/stop level input so I don't get any new target/stop positions....but, I would then need a second action to Cancel All to cancel the existing target/stop orders if/when the Limit Order is filled. Is there a way for me to accomplish what I want with One Action? |
| [2021-08-23 03:58:32] |
| ondafringe - Posts: 248 |
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Using your example: Just drag your target limit order at 15 down to 12 where you want out.
Date Time Of Last Edit: 2021-08-23 04:17:56
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| [2021-08-23 13:20:30] |
| absorrel4 - Posts: 92 |
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Too slow. I am using 10 second bars and need to make quick entry either via one click in DOM at the close of the bar or via keyboard shortcuts. So, it will be a new order to close position with Limit Order....but just want the OCO orders to disappear like they do with the Flatten/Cancel All order does.
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| [2021-08-23 15:34:55] |
| ondafringe - Posts: 248 |
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I just switched over to SIM and entered a trade with Attached Orders checked. So I had an open Long position with a Target and a Stop. I then put in another Sell Limit order above price by clicking on the Sell column in the DOM. When that new Limit order was filled, it put me Flat, automatically canceled my original Target and Stop, and there were no other outstanding orders that needed to be canceled. It sounds like you may be setting the Limit price in the Trade Window and then using the Buy/Sell buttons to enter the order, which is why you are getting an extra set of Target/Stop orders... instead of setting up your DOM where you can click on the Buy/Sell "column" to enter your new Limit order. Date Time Of Last Edit: 2021-08-23 15:59:15
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| [2021-08-23 15:44:36] |
| Kza57 - Posts: 13 |
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Give a try… On your DOM go to : Menu/M >> Orders >> Cancel Orders on Flat Position |
| [2021-08-23 23:33:26] |
| absorrel4 - Posts: 92 |
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Very Nice. Works like I want it to.....thanks!!
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| [2024-03-26 04:04:12] |
| User740504 - Posts: 61 |
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"This option is not recommended to be used and is inherently unsafe to be used." absorrel4, did you ever have a problem with the warning Sierra Chart suggests? If I set this toggle to on I am warned that this is very unsafe behavior. I need this behavior, however, and wanted to ask if you ever had a problem with this functionality and if you made it work for you successfully. I'm in the process of averaging into a position with limit orders away from current price, with a pre-placed stop loss, a pre-placed take profit target, but don't want it to reach my take profit without filling the open limit orders and then having them open on the book. The idea is to set the trade and forget it, with all open orders cancelled once the take profit or stop loss is reached, even if the resting limit orders were not filled because price didn't retrace to those levels. I'm currently having to manually sit here and watch the trade play out because I'm both afraid of having open orders on my book and using the "unsafe" DOM functionality. Any insight would be appreciated. Thank you. Date Time Of Last Edit: 2024-03-26 04:07:41
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